Move-to-Earn Game STEPN plans to add Ethereum support and spend $6 million of Q2 profits to buy back $GMT and burn it. Currently, the game supports Solana and the BNB chain.
STEPN is a web3 move-to-earn game that pays people to walk. They announced major changes in the platform just now that include expansion from the BNB chain and Solana to the Ethereum blockchain.
The company announced that it made a total of $122.5 million in profits in Q2 and now will use $6.12 million of this profit (5%) to buy $GMT and burn it.
At the time of this writing, $GMT is worth $0.87 per token meaning the platform will buy 7 million GMT tokens from the market and burn it from the max supply of 6 billion. The total circulating supply is 600 million.
Companies do this to reduce supply and increase the token value.
“The buyback and burn accrue value back to GMT—our unifying thread across all the initiatives that we undertake at Stepn,” said
Chief Marketing Officer Shiti Manghani.
He also said, “be that the sustainability of our game economy, the launch of our [decentralized exchange], DOOAR, or new launches on the horizon”
STEPN has done this before – buying back tokens and burning. Back in April, the company announced that it would burn $26 million worth of $GMT tokens. To date, the company has burnt more than $216 million $GMT Tokens.
STEPN saw some huge success when $GMT and $GST saw a significant surge in price when the tokens were launched on several crypto exchanges. The company has also released their NFT sneakers on the BNB chain – currently, the game utilizes the Solana chain.
As STEPN plans to expand into the Ethereum blockchain, it will allow Bored Ape Yacht Club NFT holders to mint a free pair of sneakers on the Ethereum blockchain.
“It is in line with our mission to onboard the next 100 million users… This will be accomplished by welcoming new communities. Amongst them, the Ethereum community is at the forefront.”
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